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CCH Tax News Headlines - June 16, 2010

CCH Tax News Headlines - June 16, 2010 Federal Headlines:

6/16/2010 - _President Signs Oil Spill Liability Trust Fund Legislation_
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6/16/2010 - _Small Business Tax Relief Bill Approved by House_
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6/16/2010 - _IRS Notice of Intent to Levy on Individual's Pension Not Invalid, but Case Remanded to Appeals Office (Wadleigh, TC)_
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State Headlines: 6/16/2010 - _New Hampshire --Corporate, Personal Income Taxes: "LLC Tax" Repealed, Study Commission Established, Other Changes Enacted_
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6/16/2010 - _Ohio --Property, Sales and Use Taxes: New Convention Center Exemption, Other Provisions Enacted_
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6/16/2010 - _Rhode Island --Sales and Use, Utilities Taxes: E911 Charge on Prepaid Wireless Telecommunications Service Enacted_
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* * _Missed a headline? Click here for last week's tax highlights_
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The liability trust fund is paid for by an 8-cents-per-gallon tax on oil companies. According to the measure, the per-incident funding limits set in Code Sec. 9509(c)(2) will remain in place, but Congress will be notified within seven days of a funding advance and why it is warranted.

What is an oil company? Say a company drills for 1 gallon of oil, and sells it to a refinery, which then sells it to a gas station. Is

8 cents a gallon added at all 3 of these stages?
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